Stoneridge, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 01, 2023 at 04:05 pm EDT
Share
Stoneridge, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 238.16 million compared to USD 226.76 million a year ago. Net income was USD 2.17 million compared to USD 0.731 million a year ago. Basic earnings per share from continuing operations was USD 0.08 compared to USD 0.03 a year ago. Diluted earnings per share from continuing operations was USD 0.08 compared to USD 0.03 a year ago.
For the nine months, sales was USD 746.3 million compared to USD 668.75 million a year ago. Net loss was USD 8.21 million compared to USD 14.28 million a year ago. Basic loss per share from continuing operations was USD 0.3 compared to USD 0.52 a year ago. Diluted loss per share from continuing operations was USD 0.3 compared to USD 0.52 a year ago.
Stoneridge, Inc. is a global designer and manufacturer of engineered electrical and electronic systems, components and modules for the automotive, commercial, off-highway and agricultural vehicle markets. The Company operates through three segments: Control Devices, Electronics and Stoneridge Brazil. Its Control Devices segment designs and manufactures products that monitor, measure or activate specific functions within a vehicle. Its Electronics segment designs and manufactures driver information systems, vision and safety systems, connectivity and compliance products and electronic control units. Its Stoneridge Brazil (SRB) segment primarily serves the South American market and specializes in the design, manufacture and sale of vehicle tracking devices and monitoring services, vehicle security alarms and convenience accessories, in-vehicle audio and infotainment devices, driver information systems and telematics solutions primarily for the automotive market.